Chances are you’ve heard of money laundering, but do you really know what it is or how it works?
In a nutshell,
money laundering involves making illegitimate financial transactions look legitimate in an effort to avoid getting caught by law enforcement. Banks and law enforcement consider it to be a red flag if someone is constantly transferring large amounts of cash into their account.Click on this infographic by Taniacreative for an illustration of the mechanics of money laundering. But don’t get any ideas—laundering money could result in serious jail time.